Crypto recovery: Bitcoin rises to $57,000

Cryptocurrency prices are climbing again. Bitcoin, Ethereum and other cryptocurrencies are picking up. This is the current state of the crypto market.

Many crypto investors will be relieved. After a weak weekend, during which the Bitcoin price temporarily dropped to $53,000, the numbers are now coloring green again and the crypto market is showing its positive side. Compared to the previous day, the total market capitalization is up 3.27% to $2.01 trillion. Near the all-time high of BTC, however, the market was already at $2.57 trillion in mid-March. So there is still a long way to go.

At the time of writing, Bitcoin stands at $56,820, representing a 3.84% price increase in the past 24 hours. The weekly results, however, are modest, with the price down 3.65%. Overnight, the BTC price temporarily rose to $57,884, giving hope for the start of the long-awaited crypto bull run.

Yet Bitcoin has been in a sideways phase for six months. According to data from Farside Investors the eleven U.S. Bitcoin ETFs were able to record net inflows of $28.6 million yesterday. In doing so, they broke a negative trend, having lost $1.2 billion in the previous eight trading days.

The second-largest cryptocurrency, Ether, is also up, climbing 2.35% to $2,345. On a weekly basis, however, ETH has lost 6.8% and is performing worse than major rival Bitcoin over a longer period.

Because of the recent price correction, investors remain uncertain: the Fear & Greed Index - a market barometer for sentiment - stands at 34 points. This means that fear currently dominates the crypto market.